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the two nations. we'll have the latest on his trip from dehli. >> and it's still london's fashion week, yes, strutting its stuff, but how luxury brands are faring. we talk to ceo angela aarons. we'll hear from her later in the show. >>> and taking the positive u.s. housing numbers from the nhab numbers. we'll be in new york with analysis at 11:45 cet. >> the italian election race is heating up. there is less than a week before voters head to the polls. comedian turns politician beppe grillo, in fact, is owes closing in on sylvia berlusconi for second place. official polls can no longer be published. the private polls seen by reuter s suggest mario monti may, in fact b with be something of a spoiler. >> and the election largely coming down to five key candidates. the front-runner is bersani. he's the leader of the center left pd party, calling for growth measures alongside monte's plan. sylvia berlusconi is threatening to make a political comeback despite corruption scandals. we've mentioned the comedian beppe grillo. at the same time, the former caretaker mario monti, he's been struggl
've seen -- what was it, the bruin london pack is deepening. so in some ways, it seems as though it's deepening. just a bit of news here following the discussion we had with stephane just a few minutes ago. the french finance ministry is now saying the state is not -- it's taking a stake in peugeot. it's not on the agenda. peugeot shares are down about 2% currently on the cac 40. it says an asset write-down doesn't mean it needs a capital boost, that the write-down doesn't affect its solvability or liquidity and that the probabilities pursue a recovery plan. all of this coming out of the french government is ironic in the first place. now you can see shares falling almost 275%, ross. clearly there is some hope that there would be a benefit here or help from the government without necessarily nationalizing, but they say their priority is to strengthen the gm alliance. we'll keep an eye on gm shares and see if they want to move it along. >> so no stake at the moment, according to french government. meanwhile, the world's fastest main, usain bolt could be ready to end his uk competitio
contention. of course, in the london market, around about 18% of the london market cap is made up of russian companies because they're not sure about the quality of the investor base in russia to, obviously, have those listings. now, i spoke earlier to yevgenni , the head of the moscow inter bank exchange. it had its ipo just over an hour ago. it's trading just above the issue price of 55 rubles. and i spoke to the ceo about some of these key issues and about getting international investors excited about investing in an ipo here in russia or hong kong. let's listen in. >> the importance is for our business going forward because we come and speak with our clients and say, listen, you can do a sizable ipo on the exchange. we want to go out there and demonstrate it ourselves that we can go and raise half a billion dollars. it's a good saturday start. >> what has the international community been like? >> it has been predominantly good in judicial names. >> when i look at russian companies, i know that now roughly around about 18% of the listing market cap on the london market, for instance. why
with headquarters in london and assets that stretch from alaska to the caspian sea. the company got as big as it is today by acquiring old companies at cheap prices, and then relentlessly cutting costs, that according to matt simmons, chairman of a major energy investment banking firm. >> their reputation as what a fabulous company they were got created because they made more money than anyone else did on old assets. >> and did they do that by cutting costs? >> well, they had to. but i don't think it was obvious to anybody until now. you look back with the benefit of hindsight. they obviously cut way too many costs. >> couldn't you argue that bp had to cut costs in order to stay profitable, in order to stay in business? >> absolutely, but then the question becomes, at what point do you basically go beyond normal cost-cutting and you're in to reckless behavior? >> but bp's senior executive in charge of refineries, john manzoni, denies that. he told lawyers in this deposition that budget cuts never compromised the safety of bp's employees. >> i don't believe it's the case ever that we short-
state from the finance ministers. we have a roundup of the g-20 meeting in moscow. >> and london fashion week is under way and international expansion seems to be the latest trend. we'll hear from top designers who are putting their foot forward on the global runway. >>> first, standard & poors says it wants more time to gauge shinzo abe's rating policies. s&p says recent policies could reflat japan's economy. but the government's books will continue to be weighed down by heavy debt. that's even if plans go ahead to raise a sales tax. there's a one in three chance of a downgrade this fiscal year. this is as the japanese prime minister shinzo abe says he will consider changing the bank's mandate. he didn't comment on current policy. all this as investors determine who will become the bank of japan's next governor. front runners for the post include former bank of japan deputy governor and the head of the asian development bank harikahiko tura. >> we did catch up with taro at a meeting this weekend in moscow. the next boj governor was covered, but the first question, whether mr. aso though
. and his speech in london was definitely a discontinuity point. i think he is what -- he impersonates the kind of leadership that we need in europe, someone that is, i would say, multicultural and that has a very clear perception of the global reality. while most of politicians in europe are purely domestic and, therefore, do not fully appreciate that we are competing in a global world. however, mario draghi sits in frankfurt and we need to implement reforms here and italians have to take charge of that, for that. and it's very interesting because you're referring to margaret thatcher in the uk and schroeder in germany. in continental europe, perhaps it is easier for center left coalitions to push forward with structural reforms because they can get the buyin of a larger segment of the population. >> do you think by doing what mario draghi has done he's actually given italy the stability no matter what happens at the election in order to pass through these reforms? he controls the market, in a sense? >> well, that is a very important form of insurance. the results are another one that
of loss like what we saw with the london whale. $6 billion is a lot. even at the beginning of it, when it first came to light, the -- jamie in this case characterize it had as a $2 billion loss and originally called it a teachest in a teapot. obviously there are -- there are different objectives that management and investors have. the board represents investors. those interests are not always aligned with management which is why, again, it should not be the same person overseeing the board that oversees the chief executive. >> i'm curious. do you feel that separating that position would have prevented a london whale? >> we think it would be clear alliance of accountability. it would have better aligned the investors' interests against the management interests, and quite possibly could have prevented the kind of situation or circumstances that led to that kind of role. >> did i hear you say that maybe in some cases when something like that happens the chief executive being held accountable should be let go? are you saying jamie dimon should have been fired for london whale? >> i didn't
around the corner from us here in london. thank you for coming by. >> pleasure. >> do you agree with what the white house is saying and what a lot of these ceos seem to be saying which is that the country is suffering a lack of competitiveness because of the lack of immigration policy? is this the next issue on the agenda? >> i think it's one of the issues. look at how they acted after 2008. i mean, the recession technically in the u.s. was smaller than it was in the eurozone. but the measures that were taken in the u.s. at that point in time in 2008 and 2009 were a lot more stringent than they were in the eurozone. if you look at the job cuts at that point in time, if you look at insolvencies, i think it's a lot more stringent than it happened here. but the flip side of the coin is the way it worked itself out of the recession i think is more impressive than what we're seeing here. wouldn't you say that has more to do with avoiding a sovereign debt crisis by virtue of not being a haphazard monetary union? >> that's part of it. but also, i think the way the u.s. manage itself out of the c
the business. the core of the bank remains the same. london investment bank and new york investment bank. the core of the bank remains the same. they're making changes around the area and the core of it is as it was. >> talk about the investment bank in particular. this has been the place where not just barclay's, but a lot of the competitors, too, try and wind things down. this is a place that's been pretty profitable in the last quarter. >> it is. and they're tied slightly with the investment bank. it's a big part of barclay's profit so he couldn't make big changes. he's announced radical cuts last year. that said, he has promised changes to bring costs down which would shift the balance slightly of shareholders. the cost income ratio was about 55% in 2012. he promised to bring that down to the mid 50s. >> just to stay on this point for a second, even ubs has quietly slowed, perhaps, what it was planning to do. it was the investment bank, in fact, that was one of the healthier parts of the business. >> absolutely. it's been a good end to last year for some parts of the investment bank.
this business in may in 2010 in london. we now work with over 500 homes there. i moved back to new york this past january to start one fine stay here. we add successful summer of trading. we work with 80 homes in new york. we are excited to grow in new york and beyond. >> evan is on the right side of your screen. he cannot react it criticism or compliments until i say so, which is how we like it. so, kate is founder of author of bold women big ideas. and leader of raising venture capital for female entrepreneurs at spring board enterprises. john snark carnie, cnn.com, editor and all right good guy. kay, your thoughts of evan's idea. >> i want to know how easy marketing led him to consumers and how he get customers. we didn't hear about that. >> i wonder about things like how are they insured. what kind of expenses do they incur from people just damaging homes, appliances, normal wear and tear. >> how competitive is the market where you will make enough profit margin to compensate for down time and things that john just talked about. >> there is one thing i like about it, he doesn't have
in the role. dimon says this is due to inadequate oversight with the london whale trade. this is new york city pension plans. holds about $820 million over just less than 1% in jpm shares. new york city comptroller john liu says, j.p. morgan would be unable to instill confidence. as lead independent director, meeting with the board with jamie dimon on certain matters. they are neither for or against splitting. it depends on the company's leadership at the time. since proposals are just proposals, they don't create real need for the company to address them. it was on jpo morgan's proks proxy last year. they saw 41% of shareholders support it. gmi ratings says what that number did is signal no confidence saying quote if 30% of your customers were unhappy, would you take that seriously. normally splitting the role is best for j.p. morgan quote is now believed to generate more profit than any bank in the world. i'm not sure how much an independent share person can. it is not sure what is believed best for them at this point. >> let's go to michelle at nyse. >> well talk with lisa lindsay, from the
and soho earnings out of china. htc and mediatex report fourth quarter numbers. >>> back here in london, the jpmorgan trade known as the london well reportedly tried to warning others at the bank months before they led to losses of more than $6 billion. "the wall street journal" citing e-mails reviewed by a senate panel and jpmorgan and say bruno told another trader last january that the size of his bet wag getting scary. managers didn't stop his trades until march. the senate panel is examining whether the bank failed to disclose crucial information to its primary regulator. >>> and talking of wales, we have another discovery in the uk. slightly different nature, this, and it might leave one british man with a hundred thousand pound payday. 50-year-old ken willman stumbled upon a clump of whale vomit while walking his dog. he initially thought it was a football. but picked it up and noticed a foul smell. he then told sinus that a company offered to pay him 50,000 for the vomit which is used to make perfume. but companies in thailand offered up to 4 times that amount. i'm not sure how y
in london or certainly in the u.s. they wouldn't mind seeing at this point. >> we've created a million private sector jobs. >> in britain? >> yeah. >> well, congratulations. >> there you go. that is the great conundrum, right? >> it's true. the different between -- well, and even with germany. the liesh market social security holding up, despite the sharp contraction in the fourth quarter. although this will probably add to the sense that the german economy bottomed during that period. >> did i see any -- i haven't seen any, no. i think that's out a little later. plenty to get through on today's program. >> it's good to be back, by the way. >> biggest take away from the mobile world congress? what's the one thing you saw that you thought, oh, that is really cool. >> i go to a conference like this and i think, machine res taking over the world. >> that's the thing we talk about. i don't like those machine peps. >> exactly. so 50 billion connected-m devic. that's a figure thatjs -- some y the point is, it isn't just about you and i talking to each other on a mobile phone. we are well bey
that helped jpmorgan investigate the london whale trading fiasco. such vacancies could give the s.e.c. bare number of minimum commissioners to field a quorum on certain cases which could potentially weaken the commission. s.e.c. declined to comment to the newspaper on behalf of white who is not yet a commission official. back to you. >> thanks so much, eamon. reaction now with attorney andrew consultman who says this is a major problem, while a former s.e.c. official says the benefits of having the right people far outweigh the cost of some conflicts of interest. both join us right now for a discussion. good to have you on the program. robert, i think you make a good point. you want people with the experience and sort of know-how in some of these complicated cases to be working there, but how do you offset the potential for conflict of interest? >> well, that's right. here we have a clear case where there may be conflicts, but the s.e.c. has strong rules in place that prohibit voting on conflicts where the person directly worked on a case, but i think what's getting lost in this debate is t
-- >> there's no hours work. you think -- >> i will say i worked in brussels, i worked in london, i had 60 days vacation, a one-hour lunch break every day, life was good, you know -- >> and you can fall back on the state. >> this is -- >> i went to the hospital for free as an american citizen. >> thank you, kayla. this is a caricature. >> i've got to get out -- many thanks to kayla tausche. i've got to get going. >> you make a lot of sense. >>> first off, don't you just know that almost all of the news media's going to slam republicans when the spending sequester kicks in. it's already happening now even though it was the president's own idea. next up, we're going to talk to top media critic brent bozell about all the scare talk and whether the gop can actually survive this whole onslaught as a viable political party. once again, i'm telling you. america don't fear the sequester, help is on the way. got to be tough. ♪ [ male announcer ] to hold a patent that has changed the modern world... would define you as an innovator. to hold more than one patent of this caliber... would define you
a new store in central london at 10:45 cet. >>> the secretary of general of the international chamber of commerce in paris. a first on cnbc at clesk cet, 10:00 london time. >>> then a call on comcast shares after the now 100% owner of this company, they've announced they're buying the rest of nbcuniversal in a $16 billion deal. and i still want to say, i feel very comfortable about this. i feel very -- i'm sure you feel happy. good for everybody. >> they like us. >> g.e. stock was up -- >> i didn't like that g.e. stock was up, then i saw the reaction of comcast, all right, they're up, too. >> you, me, fantastic. we're very happy, brian. >> have to say that -- are you pained to say that i should say? >> i don't know. i'm paid, though. don't know if i'm paid to say that, but i am paid. right. have i done enough on that now? >> yes. >>> societe generale swung to a loss on the back of eurozone weakness and one of charges. coming in below expectations, the bank racked up a quarterly net loss of 476 million euros. on top of that, france's number-two listed bank had goodwill writedowns of $2
in london. so you have a live trade in it at the moment. many people are puzzled as to why this stock has only lost now 4% of its value globally. and you have to understand how big carnival is, how well run and is well respected it is within the investment community. this is a huge stock. it has a 30 billion market cap, far bigger than most other stocks within the t&l sector. and on tuesday night when they warned and they did, they had an 8k warning, they said this could cost us 8 to 10 cents earnings per share. that's only 4% of their expected profitability for the entire year. most analysts on average have a buy recommendation. it's a gravy dividend play and, of course, they're so well insured. that's the other thing. if you look back at where we are this time last year, you know, when they have the tragedy off the coast of italy with the concordia, 32 people were actually killed. that isn't happening this time around. but then it was. and they came through and they said, look, we have a $30 million deductible on the ship, a $10 million deductible on the third party insurance and a mont
in london what his favorite ad was but, of course, he said broadcast cnbc, so they don't get to see the ads. can you imagine? >> no, even though i'm from san francisco. >> oh, look at that. >> right. >> still devastated by the outcome, then, i would imagine. >> a little bit. >> my sister is in baltimore. she's pretty happy this morning i would imagine, maybe hurting a little bit, too. >>> regulators are to be given the power so split up uk banks. this is one of the new laws to be outlined by the uk chancellor in a speech coming up shortly. again, we'll carry that speech live here on cnbc, 11:30 central european time, that's about 20 minutes time for those of you in the uk. and we will follow the entire speech plus the question and answer segment. so stay with us for that. meanwhile, there are more changes at the top over at barclay's tonight. chris lucas and general counsel mark harding both announced their retirement, saying it was the appropriate time. mr. lucas is one of four people being investigated over allegations the bank made loans to qatar bought into the company at the height of
. stephane, it might be snowing here in london later today, so maybe you can come up our way and enjoy it. >> thanks for that, stephane. >>> still to come on today's show -- >> sony gets a boost from the falling yen, but will the future remain bright? >>> the euro trades higher. the central bank not expected to move on rates. mario draghi also facing questions about the mo on nti paschi scandal. >> mark carney faces investors in the uk with the policy rate decision later today. >> alcatel lucent's ceo says he's bowing out of the group. he tells cnbc stepping down is for the best. >> i took the decision -- it's hard, you know? it is emotional. it feels like painful. but at the same time, it was better for the company and, therefore, that's what you have to do. >> and the falling yen helps keeps play station in the game. it swings to a third quarter operating profit. >> we have trade data out of the uk. december manufacturing output up 1.6% on the month, much stronger than the forecast plus 0.7. that meant the yen is down 1.7% on the year. december industrial production also up 1.17% on the
will prosecute. >> and it looks like markets are expecting the boj to buy on the london engine, but what about buying overseas? we've seen them indicate support for the esm or maybe looking at peripheral european sovereign debt which interestingly enough, europe is probably appreciative of the fact that someone is buying into the industry. but nevertheless, how aggressive might japan be about buying outside its shores in order to help weaken the yen? >> again, this is probably something that will get a clear picture after the -- will have his first meeting with the boj in march. i agree with you, there tends to be a more aggressive move towards european assets. having said so, i do not know if we will see drastic moves on interest rates overall. let's not forget on the debt side of the japan that most of the debt is in the hands of domestic investors that usually have less demand to increase interest rates for the environment suggest so. >> okay. marco -- >> so at the end of the day, i don't see increase of interest expense drastic for japan in the medium term. >> right, right. well, that's th
. >> great to see you. >> i love london and it's great to be with you. >> thanks. we could be a luxury business. greg furman, are we a luxury business? >> i think you are. information is critical. >> okay. great. i like that. thank you. greg furman. >>> now, roaming charges may be a scary phrase to frequent travelers, but it's the key revenue stream that's in danger of going way for mobile providers. kelly will be speaking from the mobile world congress. she's still in barcelona. day two of that. more to come on "worldwide exchange." [ kitt ] you know what's impressive? a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ there. i said it. they don't have pictures of my kids. they don't have my yoga mat. and still, i feel at home. could it be the flat screen tv? the not so mini fridge? ♪ the different free dinner almost every we
" reported that regulators are focusing now on a complex derivative debt rooted through london built on a recent regulatory action mounted towards a goldman sachs account in switzerland. the product in question is now known as a contract for difference. it allows investors to simply bet on changes in the price of a stock without owning the shares and it's not an option, either. such contracts are not apparently regulated in the u.s., but they are popular in br britain. and goldman sachs knows who put this trade forward in switzerland. >> and won't tell, right? >> and will not tell because the swiss laws say that goldman sachs is not allowed to even tell regulators in the u.s. who actually put the trade through. >> that's crazy. >> they'll fold on that. if the s.e.c. or the u.s. regulators come hard on the swiss, they're ka partnership ewe late. >> the swiss will? >> yeah. they've been under the gun so much in the last five or ten years, banking secretessy has loosened up. >> but it's not going to be pressure on goldman. it's going to be pressure on the swiss. >> it will come through
's kelly evans in london. and senior editor, john carnie. welcome to the program. jc penney ron johnson stands accused of not working as hard as predecessors, this lunch time, while luxury hotels on the company dime. >> i probably spend more time with our team creating our future than any ceo america spend with their team. if you talk to them, you would see that. when i'm out here, i start 6, 7:00 in the morning everyday. go late. and we are in stores every week. in our prototype every week. in design meetings. i think they are kind of happy when i get way so they get time to do what we talked about. where i live has no impact on the quality of our execution. >> the way the guy spend his time is being requested is an indication that things are not as they might be. >> i think there's absolutely a sign here. the stock was doing well. nobody would care. but in ron johnson's defense, when you travel a lot, he is probably doing a lot of meetings in his hotel room. i know when i travel and you say, i need an extra room, conference room, some place where i can meet, sometimes all can you do t
's on the road more than most professional orchestras. we found them in london, where they performed before a packed audience at royal albert hall. [quirky, dreamy music] ♪ back home, their success is a source of national pride. but all that comes at a price. the system's annual budget is 80 million dollars. most of it comes from the venezuelan government. dr. abreu has kept the program alive through eight venezuelan governments. but he's always on the phone, looking for additional funding, even at a concert. >> excuse me. >> sure. not surprisingly, the system's need for all kinds of instruments is enormous. so, since 1995, they've been making some of their own from scratch. they sound pretty good. even so... >> we are literally begging all over the world. everyone who has a penny, who can give us to buy a string, a violin, a trumpet, shoes, whatever, we can help these kids. >> a trumpet or shoes. >> yeah--both if it's possible. >> do you think the system could work in the united states? >> yeah. if you can help a poor kid in here, you can help a poor kid everywhere. it doesn't matter the
's higher by 84 -- there we go. it's lower by 61 for wti. brent at 116, n london, lower by 28 cents. the ten-year note. yielding 1.99%. a gain of .8 point. we may have to learn all that stuff if we go back to, you know, trading in fifths at the stock exchange. and then the yen at a 34-month low against the euro and also against the dollar. the head of the central bank has got to leave three weeks earlier than expected. that's leading to more expectations of faster and quantitative easing. gold at 16.69 per ounce. steve? >>> time for the global markets report. who better than kelly evans, standing by in london. kelly? >>> steve, good morning. i just want to pick up on what michelle said. she was talking about what's happening with the nikkei. all i want to show you today is basically forex. this base is driving so much of the return, so much of the trade across the globe. the dollar/yen, 93.66. flirting with the 94 level. we had jeffrey on from ubs saying this could go to 100 in the next couple of months' time. what is that doing for the nikkei? up 3.8% today. a lot of people saying if you th
times" book review. >>> the group of 30 convening in london earlier this morning. this is a group of former central bankers and leaders in financial worlds. key topics were the supply of long-term capital to support long-term investment. for more we're joined by lord adair turner, chairman of the financial services authority and a member of the group of 30. thanks so much for joining us. >> good morning. or good afternoon just in london. >> yes, absolutely. good afternoon to you. we really want to talk about all the news that you have created in the last week, because you're talking about helicopter money. that we should remove the taboo of monetization, just a lot more printing, am i oversimplifying it? >> only slightly. i mean, the idea that governments and central banks should not finance deficits with money is one of the great taboos in economics. one of the interesting things about it is if you go back to what milton friedman wrote in 1948 or what henry simons, one of the founding fathers of the chicago school wrote in 1936, they believed that it was the obvious thing to do t
with london whale and jpmorgan chase, a completely inappropriate use of insured deposits but there are regulatory authorities to deal with that. congress wouldn't necessarily have to act, but it's something that both the fdic and the feds should be very focused on. >> well, i mean, do you think we will see sort of a structural change in the banking system? >> i -- i don't know. i think that's -- that's still a work in progress. my guess is there will be a lot of debate and activity in congress on size limits or breakups and nothing will happen. i'm hoping we will find market-driven solutions that regulators can facilitate by getting better information out to the market but i don't think that yet. >> in terms of the overall environment right now, where are we in terms of trust and sentiment? we've got the libor scandal. we continue to see sort of upsets in the banking world. >> right. >> do you think that a lot has changed, or not? >> it is -- it is had, and i don't think a lot has changed. it's gotten marginally better, but the reforms have been pretty incremental, and mo
months. colin ellis is the author of report and joins us now from london. with us is harry dent of h s. dent management who sees conditions very differently. good to have you on the program and want to kick this off with you. tell me what caused the downside risk for the global economy to diminish, and what exactly are you seeing? >> well, i think, really, what we're trying to say is conditions have changed over the last three months. very important that underpinning our global universe of ratings, we have a single consistent macro view, and that's why four times a year we set out that view to investors in the macro update which has been published today. and if you go back three months ago, we had a number of potentially stumbling blocks to the path of the global recovery. we were worried about the potential for something to go wrong with the fiscal cliff negotiations in the u.s. we were concerned about the potential for a hard landing in major emerging markets which have been doing a lot of leg work and driving global growth recently, and we were also concerned about the crisis in the
comptroller here john lew upset about jpmorgan chase chairman and ceo jamie dimon in the wake of the london whale thing, and as a result of that they want to separate chairman and ceo on that board because of that problem, so is there a problem at disney that you can point to is what we're asking that prompts this discussion? >> well, clearly there are warning signs developing around the compensation, executive compensation. if you look at the say on pay vote over the last two years, the vote was 77% that supported that, and now it's dropped to 57%. we only have about 55 companies in the entire russell 3000 that have actually had less than 50%, and this company is approaching that strong boundary. the average vote on say and pay in america for russell 3,000 is 91%. so it isn't just calsters a voice here. you have a wide body of shareholders saying there's warning signs developing. again, you're looking back and saying, well, what could have been different the last three years? absolutely the financial performance is strong, but you want a continuing strong corporate governance structure tha
. >> we're banking on our opportunities and we had the ability to acquire an old-line london investment bank and thought it was a very good trade for us. they have a substantial banking presence with excellent people and thought it was the right trade for us. we continue to look for other banking opportunities on a global basis as well. >> terry, you know, we've been talking about how the fed is going to keep money essie and equities are the best hedge in town. what keeps you worried about the scenarios that we've been discuss i discussing. >> technology the way it's implemented along with the marketplace. as someone who runs an exchange. all -- >> that's the biggest concern that i have day in and day out and i know we're getting a little off topic, but i think it's important to understand how the markets work electrically like how we used to work. we would invest billions into technology. >> right. >> those systems are expensive and government rules associated with what you have to do on redundancies expensive. i'm sure my friends at cantor know this. this is a very expensive propositi
burberry store in london, it's amazing. and you put it on this magic plate they have, the mirrors all change to show you how that handbag was made. and how it looks with all the products you've already bought from them. they are reconceptionalizing how they handle their relationship with their customers. you can see that video, you'll see that store, you'll see all that. so if you want to see a next generation retailer, look at burberry. you want to see a consumer electronics company. you want to see a manufacturing company. look at general electric, and who are they building those relationships with? sales force's customer platform. >> i'm listening to you tonight because i know he watches the show. he hears this. can he call someone and say i want that rfid? or is that just burberry and will they say what are you doing giving it to macy's? >> he can call me. i do all my own e-mail. any customer can e-mail me. go to twitter, i will happily go see any customer in the world and show them what i think the future is for their industry. banking, manufacturing, financial services, retailin
jersey. they traded in london but had huge days, bwin almost 15 times its average daily volume. i want to point out people, this legislation has nothing to do with sports betting. new jersey is moving ahead with that as well but can't start doing it until or unless they settle a lawsuit with major sports and ncaa. with the thing with on-line betti betting, they are in early and it'll be huge in it happens. >> thanks, folks. >>> what inspired clint eastwood's empty chair ref willry? here is a hint. it involves neil diamond, sweet caroline. the answer on power when we come back. [ kitt ] you know what's impressive? a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ >>> as we mentioned earlier, chris christie vetoed a gambling bill and he said he would sign off on it if it had a ten-year. >> michelle? >> i like state laws. you shou
for one of the most popular players to come back to italy. and he said, and the london economists know that that they could provide him with 300,000 or 400,000 votes. >> we don't know what's going to m happen, that's the scary thing. >> melissa, what's coming up today. >> disney, zinga and-europe will be the rally killer. that's also tonight at 5:00. >> here's what you missed earlier this morning. >> welcome to hour three of "squawk on the street." here's what's happening so far. >> you grow 7% a year, that means you double your money every 10 years, that means if the stock market is 1,400 now, it could be 28,000 in 10 years and 50,000 in 20 years. >> we're dealing in the virgin media deals, these are big deals and i think they put a floor on the market. >> 1365 in cash. >> $24.4 billion, 37% premium and the release, acquired by emichael dell. >> it's going to be months, whether it's four months, five months, i think they need anti- trust approval. this is going to take a while before it closes. >> the emerging market opens. >> we think that the public markets are not giving the compan
bureaucracy and paying more to get a u.k. visa just to come to london for two or tree days? >> right. -- or three days? >> right. why isn't britain part of the system in. >> there are lots of reasons, but if i give an analogy, the mexican government last year decided that if you had a u.s. visa, if you fought your way through the u.s. visa mechanism to get a u.s. visa, that was good enough for the mexicans. you didn't have to get a separatea. that's all i'm asking that china consider. they're a big market, there's estimates of losing two billion pounds a year through retail outlets. chinese tourists big spenders. >> at a time when they're looking for any way to increase growth why not pursue this obvious one? >> when chinese come, they come in groups. at the moment, they're not coming to the u.k. if you look in the reverse direction in beijing and shanghai shanghai,they've decided people can go without a visa. they're trying to encourage them to stop on the way to somewhere else, but the u.k. is not listening to the approach. >> when we look at the olympics, that was such a way for b
the future of kiwi raises concerns, markets in london, germany, spain down 1%. asia down as well. shanghai down 3%. jim, you got sequester, you got fed, you got gas prices are, like they all converged in a matter of a couple days. >> you feel the switch has flipped, things going well is going badly. i want to caution the weakness of the month-old fed meetings notes is they are a month old. they see what we see. they don't wake up and say ignore gasoline and forget the sequester around the idea the world is somehow better -- no it's not. i would point out that the sequester chat iris going to grow and grow and grow. so every time you pick the paper up from now on until it happens, it is going to take your breath away. what happens for some of these, military, they are not close the golf courses, a great link. i was looking at all the great golf courses the military has. 800,000 civilians furloughing, that means spending power reduced with the payroll tax holiday. the scare tactics are going to be in and you got to steel yourself if you're going to stay longer. >> you call it a scare tactic,
hours before members of parliament in london today. in the past, he's promised quite exotic ideas of central banking, targeting nominal gdp. in daf ovos he was suggesting t moving forward he would bring ip fla inflation gradually to where it's supposed to be. but he was playing very much by the book to keep confidence in the boe and saying, look, let's just stick with what we know for now and talk about it. >> flexible inflation targeting, in my opinion, is the most successful monetary framework that has been in existence. so the bar for change to that framework, the overall framework, is very high. but i would note that there seems to be an appetite for some debate. >> from london, let's move to fram frankfurt, where it was the return of mario draghi at the european central bank, to hold his monthly news conference. there was some discussion at the beginning as to whether he was pushing back his expectations as to whether you might get the rebounding growth in europe from the second half of the year to sometime next year. i guess the big news is that he refused to take up the cha
is headed next. >> got it. before we fly to london to complete the narrative on dick fuld, it was a jet blue flight from florida to new york. they were giving him a hard time saying hit drivers was teaching him how to use the jet blue ticket counter. that part of the story can't be true because he's been taking jet blue for years. they have a place down in jupiter and -- >> whoa, whoa, the new york post is saying something that's not completely true? >> no. i'm sure he was on jet blue, but -- >> but they're spinning the article in a way that might not be accurate? the new york post without maybe attribution and sources and everything else? >> no comment. >> time for the global markets report. kelly evans is standing by in london. good morning to you, kelly. >> andrew, good morning. now, jet blue doesn't, but i can tell you there's not a lot of positive news to come out of europe this morning. if you guys want to look at why futures are pointed lower today, wall street has a lot to do with the activity you're seeing behind me. there's only about a dozen companies that are in the green this mo
're seeing now is as american organizations look to globalize, london is a great opportunity for those businesses as they want to get out and whether their association or a corporation. if they want to run their event, lobbed is a gateway and a gateway city and we're very welcoming as we demonstrated in the olympic games last year, great at welcoming the world. >> but what about europe? it's right on the doorstep and only germany popped up there as being a top business partner. >> well, germany is high, but interestingly, on the mail answers, america and germany were very high. from the female respondents, italy was very high. perhaps sensing a bit of romance and africa, as well. >> really? >> yeah. africa was much higher on the female side than the male side. >> why do you think that is? >> perhaps a sense of adventure and maybe romance, as well. perhaps the guys were answer bing in a businesswide fashion, but the ladies were perhaps a little bit romantic about that. >> what do you now do with these findings? >> for us, our business, as we said, we're an events business and we can dri
and bersani cast their votes. we'll have coverage on that as soon as the polls close, 1500 c.e.t. london time. >>> nicholas anastasia swept to an election victory on sunday. he pledged to work with the country's eu partner toes secure a swift rescue package, insisting that the new government would prepare such an image around the world. >>> and a slowdown in chinese exports has been pulling back on the economy. it posted a fourth consecutive month of expansion. china's hsbc flash pmi index for february slipped to 50.4, the lowest reading in four months and down from a two-year high in january of 52.3. no one is hitting the panic button just yet. >> while the flash pmi slipped from a two-year high in yarn, it tells us china's economic recovery is intact. 6.4 is considered that the week long lunar new year holiday fell in february of this year. look back at lunar new year last year and you can see some of the distortion effect it fell in january 2012. what may be worry background this month's flash pmi is the new export orders subindex. it inched down to contraction territory, add to go existin
to reprivatize rbc. speaking in london, he's delivered a damning verdict on the handling of the bank. >>> and hsbc takes a turn in the hot seat appearing before the u.k. parliamentary commission on banking standards. hsbc's ceo, stuart gulliver and chairman douglas flint, giving comments as we speak. a couple of comments on the wire from them. flint i believe was saying that he supports the electrified fence that we heard george osborne unveil earlier that would effectively separate retail and investment banking for those banks that don't comply with the law. as we get other comments through from this as we have in previous days, we will bring you comments from that hearing. now earlier we asked you, yes, what monopoly token would you kick out. monopoly in the middle of updating its playing pieces. joann from michigan tweeted that she'd retire the beat-up old shoe and replace it with a louse vuitt vuitton. and another tweet, he'd give the shoe the boot. john, though, would rather get rid of the iron. he reiterates it's a great game. >> the iron? no, no, no. no, no, no, no. it stays.
. there are a number others that have been big. the london business school of economics, several economists there put out a study overnight predicting worldwide stock returns for the next 20 to 30 years would average only 3% to 4%, bond returns only 1%. let's hope they get that one wrong. long-term prognostication, not that good here. looking good on boise cascade. >> housing, housing, housing. rick santelli in chicago. rick? >> thanks, jim. well, we continue in the fixed income market, treasuries at least, to march over the same ground quite a bit. if you look at a couple of day chart of 10s, we're continue to hover around 29% level. year-to-date chart, it shows you we're up about 20 basis points on the year so far. 176, 197, 21 basis points. now, if we continue to monitor what's going on with the foreign exchange market, let's start with the british pound against the dollar. you can see on this chart, that we're at six-month highs in favor of the green back. let's switch it around a little bit. let's take a look at how the pound seems to be faring against the yen. this is really fascinating. now, w
, absolutely. currency wars front and center, particularly london, the world's major foreign exchange center. notice the stock markets are higher almost across the board. one of the major reasons the banks are rallying today, at the helm, barclays. unveiled a structureture to cut costs and rebalance the bank away from investment banking and the way consumer units grow organically much faster and return to internal equity of about 15%. the stock is up 18%. it continues to gain and dragging other banks in the uk and elsewhere and spain with it, and what the ceo had to say. >> we have to manage our capital very effectively and reduce our cost space and reduce the ratio of compensation to our net income. that's what we're talking about today. >> for the record, the average bonus investment banking at barclays is down 17% at $84,000. the big debate in europe remains on currencies, brussels, day two of the finance meeting and trying to put forward the idea somebody will doing something about the strength of the euro and the establishment saying it's about its long term average, no traction with th
modest gains in london and in germany. let's get the countdown to the january jobs report. we are less than 24 minutes away, we have assembled our panel of experts to go through their final predictions before we get the numbers. mark zandi is the chief economist at moody's an litics. austan goolsbee is the chairman of the former economic advisers under president obama. and jared bernstein is former economic adviser to vice president biden. he's a senior fellow at the center on budget and policy priorities and a cnbc contributor. of course we have steve liesman with us and our guest host today kelly king who is chairman and ceo of bb and t. let's go down the line. we were just talking a little bit, mark, about your adp prediction. the number was private payrolls. what are you looking for? >> 180,000 jobs. and unemployment rate stays steady at 7.8%. >> you're a little ahead. >> what is consensus? >> 160 to 166 depending on which one, i think thompson was at 160. >> i actually think if you had done one overnight, i think it's crept up. i think the expectation on the street is a bit higher
's up 105% since then. he bought more in july when the stock bottomed on the london whale blunder. his loot has gained $18 million. moving to retail, dillard's ceo swooped in in 2008. he bought 9,000 shares at 1985 in april of that year. 100,000 shares at 393 in october. dillard's now trades at $85. so dillard's, $571,000 initial investment is now worth nearly $9.3 million. but the biggest winner, las vegas sands ceo sheldon adelsen, up 1,700% since then. his stake swelling by $629 million. so for people who are questioning where he got the political capital, look at his shares in lvs, up $129 million, guys. >> thank you very much. let's take you to germany, if we may, and show you a news conference we're monitoring. normally this wouldn't be relevant for u.s. investors, but this man is meyered in scandal. this is the spanish prime minister. the allegation is that his party in spain benefited from $34 million of funds in a swiss bank account over many years. and the fee specifically was paid $34,000 a year between 1997 and 2008, in a kind of a shadow ledger for the ruling party in spai
are up by about $2. 1,678.$1,678.40 an ounce. >> kelly evans is standing by in london. kelly. >> steve, good morning. we've had a lot of talk, a lot of earnings out this morning across europe. the market tone is better than yesterday, as you might expect. i can't say we've fully recouped our losses. markets are up about 0.6%. we can take a look at some of the major indexes. for the most part, it's green. the xetra dax down 1.6%. we saw declines in the range of 3% or more for some of these indexes yesterday. a lot of guests we've been speaking to on our program say they feel yesterday was more than of a pause than a start. a lot of people talking about taking profits in these markets. that's the conversation that's happening on both sides of the atlantic. on that note, i also want to show you what's going on nor the swiss market. ubs reported earnings today, ftse 100 adding about the same bp shares the last time we checked were trading to the up side after reporting earnings. let's take a look at what's happening with bp and ubs. still up 1.5%. we'll start off by giving you a sense of w
. there are stocks that are already moving up in london on the basis they'll be able to capitalize on this. >> that is definitely true. thank you, simon. >> there is a mover in the gaining space. let's send it over to josh lipton at headquarters. >> well, here is one gaming stock actually on the move this morning. international game technology, enjoying a pop. analysts at arges have a price target of $20. they note the company's better than expected earnings over the past two quarters, and the fact that the current price, the stock looks cheap, they say, and doesn't reflect prospects for recovery in sales and gaming equipment. igt up 20% year-to-date. >> josh, thanks so much for that. becky quick escaping the oncoming winter storm here, and hiding out in pebble beach, california. yeah, she sat down with a number of very interesting people in the world of business and politics. notab notably, clint eastwood. i was hoping you would have one extra chair on set for that interview. >> no extra chairs this time around, carl. clint eastwood, dirty harry, he always speaks his mind, says exactly wh
're spreading the spren trends and subcultures to the community. >> you have offices in london and soho. walk me through what you saw the need for the model was? what was the impetus for creating it? what vacuum did you see it feeli filling back then? >> sure. we saw more and more people buying fashion online but similar to the way they do it in the real world. there are tens of thousands of places to buy fashion online and each gives the consumer the same experience. we were trying to create a smart and personalized way to shop for fashion online and do that by bringing together inventories of hundreds of stores around the world from big boutiques to small brands and personalize it to users based on what they like using a social model. they can follow their favorite brands or bloggers or personalities. that means every feed each user gets is completely unique and more likes because they expressed their interest. >> you kept the walls fairly narrow. you point out if you like to go to the gym or mountain, you won't fine anything on lyst. if you want an h & m skirt, you will find it. how have you
by in london. >> michelle, thanks. i wanted to turn your attention to right here barclay's up 4% today. this after the bank delivered its long awaited turn around plan. investors thought the plan was somewhat less aggressive when it came to restructuring the business than it might have expected. just swinging around, it's otherwise a generally quiet session. advancers outpacing decliners by about a three to two ratio. overnight, china is still closed. we closed all week to celebrate the lunar new year. but, again, let's take a look at what's been happening with shares of barclay's. so the investors saw a knee jerk reaction up 4% after the bank delivered 2012 earnings. came out and talked about his restructuring plan. the way it de-emphasized the investment bank under the new ceo anthony jenkins who came in in the middle of last year after the libor, after a series of the bank. analysts do have a series of concerns about the bank. its r. o.e. last year was up. >> i think the analysts haven't had a chance to digest what we're launching today because we haven't done the mess tagsz. so wha
fund, investing in emerging markets. i knew that much of the personnel for the fund was based in london. i actually didn't know at the time what the address of the partnership was. >> and when did you divest? >> i divested in 2010, when i became omb director, and the fund was disclosed in all of my prior confirmations and all of my sf-278s. i'm not aware of any tax benefits i got from participating in the investment. >> but did you pay taxes on that investment? >> i reported all income related to the investment on my tax forms, i paid all my taxes. >> but did you earn taxes on that? >> i lost money on the investment so in fact i lost money which i didn't have a great deal of income. >> okay. thank you. senator hatcher? >> thank you, mr. chairman. i appreciate it. following the financial crisis, many financial firms including citigroup have taken actions to improve their performance operations and responsibilities. my question is about citigroup to you mr. lew, related to the time you were there, and not to current citigroup operations. frankly, i do not believe that i have a good unders
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